New Delhi, Nov. 28 -- Aakash Educational Services Limited (AESL) on Friday said it has put on hold the allotment of shares to Think & Learn Pvt Ltd (TLPL), citing compliance issues over the Rs.25 crore the Byju's parent company had deposited for its Rs.100 crore rights issue.

In a statement, AESL said that its board determined that the Rs.25 crore remitted by TLPL did not comply with Foreign Exchange Management Act (FEMA) rules, the Companies Act or the External Commercial Borrowings (ECB) guidelines.

(This is a developing story. Check back for updates)

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